4 - Catalyst for growth

The AddonX value experiment is entering another new phase. Our third provider will host an event this week, minting his personized tokens and listing them in our shop. The third provider is Luis and for his talk he will give a short history and guide to the workings of the Spanish Stock Exchange. A popular topic with my students.

Anyone who wants to attend this presentation will have a choice of how to pay. Luis will accept his own tokens of course, which he has minted and listed in the shop, but he will also accept the tokens minted by AddonX’s other two providers, me and Paulo.

I have already created my tokens and some have been bought and sent back to me in exchange for my English classes. Paulo has created his tokens and some have been used in exchange for Blockchain education and advice.

I will book Luis’ class with a Luis token which I received in an earlier transaction with him when he booked an English class with me. This transaction completes the tokens circular journey. Luis minted the token, I accepted his token as payment for my class and held it in my wallet. When I saw Luis was going to give a class I used this token to book a slot. The token now goes back to Luis and he has a choice; to keep the token in circulation and list it again or to reduce the supply of his token by burning it.

We are at an exciting moment in our project. The transactions between us are happening without any traditional currency changing hands. We are swapping our services in the form of tokens which represent a liability to perform our services. This is done with transparency and security because we are validating and recording all the transactions on the blockchain. Paulo has developed the basic infrastructure that allows the providers to mint their tokens and then make them available to buy. Anyone with a token in their wallet can use the booking page to book a provider’s service and they can use any token that the provider decides to accept.

The processes we are experimenting with are uncovering lots of possibilities and questions that we hadn’t thought about before. It is time for us to move to the next phase and create a prototype platform for proof-of-concept. In the Cardano ecosystem there is a place where new ideas can grow by obtaining the resources they need to turn theory into reality. We are ready to ask for some concept funding from Project Catalyst.